ABI Warns UK Business on Cybercrime

September 5, 2000

The Association of British Insurers (ABI) in a report entitled ” Future Crime Trends in the United Kingdom” warned the business community that it expected to see a rapid rise in Internet-based crimes, particularly e-mail abuse, computer virus and hacking attacks, credit card fraud and other types of theft.

The ABI report, prepared by the Building Research Establishment, an independent research group, stressed the necessity of improving security systems in all areas to prevent cybercrime.

A report by Tech News quoted Mary Francis, ABI director general, as saying, “We are increasingly reliant on the smooth flow of information. Any disruption is, at best, inconvenient, and, at worst, life threatening.”

The report highlights both the need for greater security measures, and the need for insurance coverage “to protect against loss of revenues and information assets caused by Internet and e-commerce security breaches.” It also warns that the cost of this protection will be reflected in rising policy premiums.

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